Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

<ul>
<li>SF Holding's time-definite express service differentiates it from Chinese rivals</li>
<li>We believe SF dominates China's domestic inter-city air express segment</li>
<li>High exposure to air service mostly beneficial, with few risks, in our view</li>
</ul>


SF Holding's time-definite express service differentiates it from Chinese rivals
We believe SF dominates China's domestic inter-city air express segment
High exposure to air service mostly beneficial, with few risks, in our view


SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

Thematic (Sector/Industry)

<ul>
<li>Under pressure from US, Mexico appears to shut out Chinese BEV makers</li>
<li>Biden administration seems intent on keeping low-priced Chinese BEVs out</li>
<li>Next: monitor new BEV investments in MX, and policies of new prez Sheinbaum</li>
</ul>


Under pressure from US, Mexico appears to shut out Chinese BEV makers
Biden administration seems intent on keeping low-priced Chinese BEVs out
Next: monitor new BEV investments in MX, and policies of new prez Sheinbaum


For Chinese BEV Makers, A Potential 'Backdoor' to the US BEV Market May Be Shut by Mexico

Equity Bottom-Up

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

<ul>
<li>Growth of outbound Chinese travel demand strong in May as HK, Macau slow</li>
<li>Domestic travel demand also showed solid growth in May and early June</li>
<li>Trip.com appears reasonably cheap now that it's dipped below US$50, BUY</li>
</ul>


Growth of outbound Chinese travel demand strong in May as HK, Macau slow
Domestic travel demand also showed solid growth in May and early June
Trip.com appears reasonably cheap now that it's dipped below US$50, BUY


Monthly Chinese Tourism Tracker | Outbound Recovery Expands | Domestic Solid Too | (June 2024)

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services Ltd provides shipping services. The Company offers multi-modal, cargo handling, tariff management, schedule information, and other related services. ZIM Integrated Shipping Services serves clients worldwide.

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Deep-Sea container rates surged in May, yielding best read since June 2022</li>
<li>But volume growth into North American WC ports slowed noticeably...</li>
<li>We believe Q224 results will impress, and still like our Long/Short pairs</li>
</ul>


Deep-Sea container rates surged in May, yielding best read since June 2022
But volume growth into North American WC ports slowed noticeably...
We believe Q224 results will impress, and still like our Long/Short pairs


Monthly Container Shipping Tracker | Pricing Surged in May | Did Volume Growth Wobble? | (June 2024)

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

<ul>
<li>For first time since 2022, carriers' cargo revenue, yield, load factor all rising</li>
<li>Asia outbound, US inbound air cargo tons both improving in early 2024</li>
<li>SHEIN, Temu could account for 40%+ of US inbound air tons from CH, HK, TW</li>
</ul>


For first time since 2022, carriers' cargo revenue, yield, load factor all rising
Asia outbound, US inbound air cargo tons both improving in early 2024
SHEIN, Temu could account for 40%+ of US inbound air tons from CH, HK, TW


Growth of SHEIN, Temu Appears to Be Boosting Asia-US Air Cargo Volume & Pricing

Tracking Traffic
Asian Equities Analyst, Logistics & Transport

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

SF Holding's exposure to China's domestic time-definite (air) express services segment is a positive differentiator that sets it apart from all of...

Tracking Traffic

For Chinese BEV Makers, A Potential 'Backdoor' to the US BEV Market May Be Shut by Mexico

Chinese BEV makers appear increasingly eager to gain a foothold in Mexico, probably with the ultimate goal of exporting to the US market.

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Monthly Chinese Tourism Tracker | Outbound Recovery Expands | Domestic Solid Too | (June 2024)

May outbound Chinese travel demand was strong, apparently driven by tourists shifting flying outside the Asian region. Domestic demand growth also...

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Monthly Container Shipping Tracker | Pricing Surged in May | Did Volume Growth Wobble? | (June 2024)

Deep-sea container shipping price momentum surged in May, even though volumes into the North American West Coast slowed. We think this is a head...

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Growth of SHEIN, Temu Appears to Be Boosting Asia-US Air Cargo Volume & Pricing

There are signs that SHEIN and Temu are boosting Asia-to-US air cargo volume and pricing. We estimate the two platforms account for as much as 40%+...

Tracking Traffic